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Key Features of HDFC Bank Car Loans

  • Loan Amount: Up to 100% financing for new cars and up to 85% for used cars, with loan amounts ranging from ₹1 lakh to ₹1 crore.
  • Interest Rates: Competitive interest rates starting from 8.50% per annum, with both fixed and floating rate options.
  • Flexible Tenure: Repayment tenure ranging from 12 months to 84 months (7 years), allowing customers to choose comfortable EMI options.
  • Quick Processing: Fast approval within hours and same-day disbursal in many cases, with minimal documentation requirements.
  • Prepayment Options: No prepayment charges in many cases, allowing borrowers to save on interest by paying off the loan early.
  • Online Application: Easy application process through HDFC Bank's website or mobile app with real-time tracking.
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    • Special Benefits for EVs: Extended repayment tenure (up to 8 years), lower interest rates compared to petrol/diesel cars, and supports the government's green mobility initiative.
    • Balance Transfer Facility: Transfer your existing car loan from another bank/NBFC to HDFC Bank at a lower interest rate.
    • Optional Add-On Benefits: Comprehensive car insurance can be bundled with the loan. Extended warranty & maintenance packages available.
    • Special Discounts: Processing fee waiver during promotional periods, lower interest rates for women borrowers, and concessional rates for electric vehicles.
    • Wide Range of Cars: Loans available for new cars, certified pre-owned cars, luxury vehicles, electric cars, SUVs, and hybrid vehicles.
    • Flexible EMI Options: Step-up/step-down EMIs available for better cash flow management.
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Benefits of HDFC Bank Car Loans

  • Competitive Interest Rates: Attractive and competitive interest rates with both fixed and floating rate options, helping you save on interest payments.
  • Quick Processing: Fast approval within hours and same-day disbursal in many cases, making your car purchase process smooth and efficient.
  • Minimal Documentation: Hassle-free loan application process with minimal paperwork, reducing the time and effort required.
  • High Loan Amounts: Financing up to 100% of the on-road price for new cars and up to 85% for used cars, with amounts ranging from ₹1 lakh to ₹1 crore.
  • Flexible Repayment: Tenure ranging from 12 months to 84 months (7 years), allowing you to choose an EMI that fits your budget.
  • Wide Range of Vehicles: Finance options for all types of cars including sedans, SUVs, luxury vehicles, and electric cars.
  • Balance Transfer Facility: Transfer your existing car loan from another bank to HDFC Bank for better interest rates and terms.
  • Optional Insurance Bundles: Comprehensive car insurance and extended warranty packages available with your loan.
  • Daily Reducing Balance: Interest calculated on daily reducing balance, saving you money compared to monthly reducing methods.
  • No Prepayment Penalty: Zero foreclosure charges if you wish to close your loan early, giving you financial flexibility.
  • Special Schemes for EVs: Lower interest rates and extended tenures for electric vehicles to promote green mobility.
  • Online Application: Easy application process through HDFC Bank website or mobile app with real-time tracking.
  • Customer Support: Dedicated assistance throughout your loan journey, from application to closure.
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How to Apply for HDFC Bank Car Loans

  • Online Application Process: Visit HDFC Bank's Official Website and navigate to 'Loans' → 'Car Loans'.
  • Check Eligibility & Calculate EMI: Use the Car Loan EMI Calculator to estimate monthly payments and check eligibility criteria.
  • Fill Application Form: Enter personal details, employment & income details, and car details (make, model, ex-showroom price).
  • Upload Documents: Attach required documents (identity proof, address proof, income proof, car quotation).
  • Submit & Track: Review details, submit the form, and track your application using the reference number.
  • Offline Application: Visit nearest HDFC Bank branch, collect application form, submit with required documents.
  • Mobile App: Download HDFC Bank mobile app, login, go to 'Loans' → 'Car Loan', fill details and submit.

Eligibility Criteria

  • Age: Between 21 and 65 years of age.
  • Income: Minimum monthly income of ₹15,000-₹20,000 for salaried individuals.
  • Employment: Minimum 2 years of total work experience with at least 1 year in current job/business.
  • Credit Score: Good credit history with a score of 750 or above.
  • Vehicle-Related Eligibility: New Cars-All manufacturers/models approved by HDFC Bank.
  • Special Eligibility Conditions:Co-applicants-Can be added to enhance eligibility,Spouse/parents preferred.
  • NRI Applicants: Indian co-borrower often required,NRE/NRO account mandatory.
  • Salaried Specific: Last 6 months salary slips, Form 16 (2 years), Bank statements showing salary credits.
  • Self-Employed: ITR (3 years) with computation, Business license/proof, GST returns (if applicable)
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Documents Required

  • Identity & Address Proof: Aadhaar, PAN, Passport, Voter ID
  • Income Proof (Salaried): Salary slips (last 3 months), Form 16, bank statements (last 6 months)
  • Income Proof (Self-Employed): ITR (last 2-3 years), profit/loss statement, bank statements (last 12 months)
  • Business Proof: GST registration, Shop Act License, etc.
  • Car Documents: For new cars: Proforma Invoice, quotation with ex-showroom price, RTO, insurance details
  • Used Car Documents: RC Book, Insurance Papers, PUC Certificate, Sale Deed/Agreement
  • Additional Documents: Passport-size photographs (2 copies), loan application form
  • Special Cases: For government employees: Service Certificate/ID Card; For NRIs: Passport, Visa, Overseas Bank Statements

Usage of HDFC Bank Car Loan

  • New Cars: All vehicle types including sedans, hatchbacks, SUVs, MUVs, luxury vehicles, and electric vehicles.
  • Used Cars: Certified pre-owned cars up to 5 years old with up to 85% financing for dealer-certified vehicles.
  • Two-Wheelers: Premium bikes, electric two-wheelers, and select scooters under special schemes.
  • Vehicle Conversion: Petrol/diesel to CNG conversion kits and electric vehicle conversion packages.
  • Commercial Vehicles: Taxis, ride-sharing vehicles, and fleet purchases for corporate use.
  • Refinancing: Balance transfer from other banks/NBFCs and top-up loans for accessories/repairs.
  • Not Covered: Vintage/classic cars (over 10 years old), modified vehicles, imported vehicles without homologation.

FAQs on HDFC Bank Car Loans

What documents are required for an HDFC Bank car loan?
For Salaried Individuals:
- KYC (Aadhaar, PAN, Passport)
- Salary slips (last 3 months) & Form 16
- Bank statements (last 6 months)

For Self-Employed/Business Owners:
- KYC documents
- ITR (last 2-3 years) & Profit/Loss statements
- Business proof (GST, Trade License)

Common for All Applicants:
- Car invoice/quotation from dealer
- Passport-size photographs
How long does it take to get an HDFC Bank car loan approved?
- Online Applications: 24-48 hours (if documents are complete)
- Offline Applications: 3-5 working days
- Pre-approved loans: Instant approval for existing HDFC Bank customers
Can I get an HDFC Bank car loan if I have a low credit score?
HDFC Bank prefers a CIBIL score of 750+ for better approval chances.
If your score is below 700, you may:
- Apply with a co-applicant (spouse/parent) with good credit
- Offer additional security (FD, property)
Does HDFC Bank offer car loans for used/second-hand cars?
Yes! HDFC Bank provides loans for certified pre-owned cars with:
- Loan tenure: Up to 5 years
- Interest rates: Starting from 11.75% p.a.
- Age limit: Generally, cars up to 5 years old are eligible
Are there special benefits for electric vehicles (EVs)?
Yes! HDFC Bank offers:
- Lower interest rates compared to petrol/diesel cars
- Extended repayment tenure (up to 8 years)
- Green mobility incentives (check for govt. subsidies)
Can I transfer my existing car loan to HDFC Bank?
Yes! HDFC Bank offers a car loan balance transfer facility with:
- Lower interest rates than most banks/NBFCs
- No foreclosure charges from your current lender (check T&C)
How can I check my HDFC Bank car loan status?
- Online: Track via HDFC Bank Loan Tracking using your application number
- Customer Care: Call 1800 11 2211 or 1800 425 3800
- Mobile App: Check real-time updates under "Loan Status"
What happens if I miss an EMI payment?
- Late payment penalty: ~2-3% per month on overdue amount
- CIBIL Impact: Missed EMIs can negatively affect credit score
- Solution: Contact HDFC Bank for EMI restructuring if facing financial difficulty
Does HDFC Bank offer car loans for luxury/premium cars?
Yes! HDFC Bank provides loans for:
- Luxury cars (Audi, BMW, Mercedes, etc.)
- SUVs & high-end models
Loan terms vary based on car value & eligibility
Can I get a car loan without a salary slip?
- Salaried: Form 16 & bank statements may suffice
- Self-Employed: ITR & business income proof required
- Alternative: Apply with a co-applicant or collateral

List of HDFC Bank Car Loans

  • HDFC Bank New Car Loan
  • HDFC Bank Used Car Loan
  • HDFC Bank Corporate Car Loan
  • HDFC Bank Car Loan Balance Transfer
  • HDFC Bank Pre-Approved Car Loan
  • HDFC Bank Top-Up Car Loan
  • HDFC Bank Car Loan for Women
  • HDFC Bank Car Loan for NRIs
  • HDFC Bank Green Car Loan
  • HDFC Bank Fleet Finance Car Loan
  • HDFC Bank Luxury Car Loan
  • HDFC Bank Electric Vehicle Loan